3. On December 2020, the Statement of Financial Position of DEL Partnership shows the following data with profit or loss sharing ratio of 1:3:6 Cash P 5,000,000 P 5,000,000 Diane Non cash assets 15,000,000 Ellen 3,000,000 Liz 2,000,000 Total liabilities P 10,000,000 On January 1, 2021, Ana will be admitted to the new partnership to be named ADEL Partnership by investing P 4,000,000 for 30% capital interest in the new partnership which has a total agreed capitalization of P 20,000,000. What is the new capital balance of Liz upon admission of Ana in ADEL Partnership? a P 4,400,000 b. P 8,400,000 C P 5,600,000 d. P 3,200,000 4. On December 31, 2016, the Statement of Financial Position of OVE Partnership shows the following data with profit or loss sharing of 5:3:2 Cash P 10,000,000 Ona P 10,000,000 Non cash assets 40,000,000 Vina 15,000,000 Ena 5,000,000 Total liabilities P 20,000,000 On January 1, 2017, Lina is admitted to the new partnership to be named LOVE by investing P 20,000,000 for 50% capital interest in the new partnership. admission in LOVE Partnership? What is the new capital balance of Ena after Lina's P 6,000,000 b. P 5,000,000 C P 4,000,000 d. P 3,000,000 a

3. On December 2020, the Statement of Financial Position of DEL Partnership shows the following data with profit or loss sharing ratio of 1:3:6 Cash P 5,000,000 P 5,000,000 Diane Non cash assets 15,000,000 Ellen 3,000,000 Liz 2,000,000 Total liabilities P 10,000,000 On January 1, 2021, Ana will be admitted to the new partnership to be named ADEL Partnership by investing P 4,000,000 for 30% capital interest in the new partnership which has a total agreed capitalization of P 20,000,000. What is the new capital balance of Liz upon admission of Ana in ADEL Partnership? a P 4,400,000 b. P 8,400,000 C P 5,600,000 d. P 3,200,000 4. On December 31, 2016, the Statement of Financial Position of OVE Partnership shows the following data with profit or loss sharing of 5:3:2 Cash P 10,000,000 Ona P 10,000,000 Non cash assets 40,000,000 Vina 15,000,000 Ena 5,000,000 Total liabilities P 20,000,000 On January 1, 2017, Lina is admitted to the new partnership to be named LOVE by investing P 20,000,000 for 50% capital interest in the new partnership. admission in LOVE Partnership? What is the new capital balance of Ena after Lina's P 6,000,000 b. P 5,000,000 C P 4,000,000 d. P 3,000,000 a

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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